Access the full text.
Sign up today, get DeepDyve free for 14 days.
(1970)
Opinion No. 16, Business Combinations
P. R. Rau, T. Vermaelen (1998)
Glamour, Value and the Post-Acquisition Performance of Acquiring FirmsJournal of Financial Economics, 49
R. Smith, S. Lipin, A. K. Naj (1994)
Managing Profits: How General Electric Damps Fluctuations in its Annual EarningsThe Wall Street Journal, 98
Larry Lang, Ralph Walkling, René Stulz (1989)
Managerial Performance, Tobin's Q, and the Gains from Successful Tender OffersCorporate Finance: Governance
J. Cotter, Anil Shivdasani, M. Zenner (1997)
Do independent directors enhance target shareholder wealth during tender offersJournal of Financial Economics, 43
M. C. Jensen (1986)
Agency Costs of Free Cash Flow, Corporate Finance, and TakeoversAmerican Economic Review, 76
J. Cotter, M. Zenner (1994)
How managerial wealth affects the tender offer processJournal of Financial Economics, 35
Robert Comment, G. Jarrell (1991)
The Relative Signalling Power of Dutch-Auction and Fixed-Price Self-Tender Offers and Open-Market Share RepurchasesJournal of Finance, 46
Julia D’Souza (1998)
Rate-regulated enterprises and mandated accounting changes: The case of electric utilitiesAccounting review: A quarterly journal of the American Accounting Association, 73
Carla Hayn (1989)
Tax attributes as determinants of shareholder gains in corporate acquisitionsJournal of Financial Economics, 23
R. Kaplan, Hai Hong, G. Mandelker (1978)
Pooling vs. Purchase: The Effects of Accounting for Mergers on Stock Prices
Anne Beatty, Sandra Chamberlain, Joseph Magliolo (1995)
MANAGING FINANCIAL REPORTS OF COMMERCIAL-BANKS - THE INFLUENCE OF TAXES, REGULATORY CAPITAL, AND EARNINGSJournal of Accounting Research, 33
H. P. Lang, R. M. Stulz, R. A. Walkling (1989)
Managerial Performance, Tobin's Q, and the Gains from Successful Tender OffersJournal of Financial Economics, 24
B. McGoldrick (1997)
Goodwill GamesInstitutional Investor, 31
Matthew Billett, Michael Ryngaert (1997)
Capital structure, asset structure and equity takeover premiums in cash tender offersJournal of Corporate Finance, 3
Theo Vermaelen (1981)
Common stock repurchases and market signalling: An empirical study☆Journal of Financial Economics, 9
J. Hausman (1978)
Specification tests in econometricsApplied Econometrics, 38
J. M. D'souza (1998)
Rate-Regulated Enterprises and Mandated Accounting Changes: The Case of Electric Utilities and Post-retirement Benefits other than Pensions (SFAS No. 106)The Accounting Review, 73
David Belsley, E. Kuh, R. Welsch (1980)
Regression Diagnostics: Identifying Influential Data and Sources of Collinearity
Thomas Lys, Linda Vincent (1995)
An analysis of value destruction in AT&T's acquisition of NCRJournal of Financial Economics, 39
J. R. Robinson, P. Shane (1990)
Acquisition Accounting Method and Bid Premium for Target FirmsThe Accounting Review, 65
Richard Ruback, M. Jensen (2002)
The Market for Corporate Control: The Scientific EvidenceCorporate Finance: Governance
J. Hausman (1983)
Handbook of Econometrics
H. Servaes (1991)
Tobin's Q and the Gains from TakeoversJournal of Finance, 46
R. Watts, J. Zimmerman (1978)
Towards a Positive Theory of the Determination of Accounting StandardsThe Accounting Review, 53
G. W. Schwert (2000)
Hostility in Takeovers: In the Eyes of the Beholder?Journal of Finance, 55
Benjamin Ayers, C. Lefanowicz, John Robinson (2000)
The Financial Statement Effects of Eliminating the Pooling‐of‐Interests Method of Acquisition AccountingAccounting Horizons, 14
Michael Jensen (1986)
Agency Cost of Free Cash Flow, Corporate Finance, and TakeoversIndustrial Organization & Regulation eJournal
(2001)
Revised Exposure Draft: Business Combinations and Intangible Assets-Accounting for Goodwill
R. Jennings, Michael Mazzeo (1993)
Competing Bids, Target Management Resistance, and the Structure of Takeover BidsReview of Financial Studies, 6
G. S. Maddala (1983)
Limited Dependent and Qualitative Variables in Econometrics
R. Walkling, R. Edmister (1985)
Determinants of Tender Offer PremiumsFinancial Analysts Journal, 41
R. Edmister, Ralph Walkling (1985)
Determinants of Tender Offer PremiumsCorporate Finance: Governance
Benjamin Ayers, C. Lefanowicz, John Robinson (1999)
The Effects of Goodwill Tax Deductions on the Market for Corporate AcquisitionsS&P Global Market Intelligence Research Paper Series
G. Schwert (1999)
Hostility in Takeovers: In the Eyes of the Beholder?Corporate Law: Corporate & Securities Law eJournal
K. Nathan (1988)
Do firms pay to pool?: Some empirical evidenceJournal of Accounting and Public Policy, 7
B. Coleman (1998)
Dailmer Chrsyler Merger Clears a Hurdle as Dailmer Holders Swap 97% of SharesThe Wall Street Journal, 102
G. Maddala (1983)
Limited-dependent and qualitative variables in econometrics: Discriminant analysis
Ronald Copeland, J. Wojdak (1969)
Income Manipulation and the Purchase-Pooling ChoiceJournal of Accounting Research, 7
P. Hopkins, R. Houston, Michael Peters (1999)
Purchase, Pooling, and Equity Analysts' Valuation JudgmentsFEN: Behavioral Finance (Topic)
M. C. Jensen, R. S. Ruback (1983)
The Market for Corporate Control: The Scientific EvidenceJournal of Financial Economics, 11
R. Comment, G. A. Jarrell, G. W. Schwert (1995)
Poison or Placebo? Evidence on the Deterrence and Wealth Effects of Modern Antitakeover MeasuresJournal of Financial Economics, 39
B. C. Ayers, C. E. Lefanowicz, J. R. Robinson (2000)
The Financial Statement Effects of Eliminating the Pooling-of-Interests Method of Accounting for Acquisition AccountingAccounting Horizons, 14
Robert Comment, G. Schwert (1993)
Poison or Placebo? Evidence on the Deterrent and Wealth Effects of Modern Antitakeover MeasuresDiversification Strategy & Policy eJournal
L. Johnson, Bryan Yokley (1997)
Issues associated with the FASB project on business combinations
M. Song, Ralph Walkling (1993)
The Impact of Managerial Ownership on Acquisition Attempts and Target Shareholder WealthJournal of Financial and Quantitative Analysis, 28
M. L. Davis (1990)
Differential Market Reaction to Pooling and Purchase MethodThe Accounting Review, 65
M. Bradley, Anand Desai, Ehlim Kim (1988)
Synergistic gains from corporate acquisitions and their division between the stockholders of target and acquiring firmsJournal of Financial Economics, 21
P. Rau, Theo Vermaelen, Tim Loughran, Arijit Mukherji, Kevin Murphy, Abraham Ravid (1998)
Glamour, value and the post-acquisition performance of acquiring firms 1 We would like to thank EugeJournal of Financial Economics
We investigate two related questions. What factors influence firms' use of acquisition accounting method, and are firms willing to pay higher acquisition premiums to use the pooling-of-interests accounting method? We analyze a comprehensive sample of nontaxable corporate stock-for-stock acquisitions from 1990 through 1996. We use a two-stage, instrumental variables estimation method that explicitly allows for simultaneity in the choice of accounting method and acquisition premiums. After controlling for economic differences across pooling and purchase transactions, our evidence indicates that financial reporting incentives influence how acquiring firms structure stock-for-stock acquisitions. In addition, our two-stage analysis indicates that higher acquisition premiums are associated with the pooling method. In sum, our evidence suggests that acquiring firms structure acquisitions and expend significant resources to secure preferential accounting treatment in stock-for-stock acquisitions.
Review of Accounting Studies – Springer Journals
Published: Oct 21, 2004
Read and print from thousands of top scholarly journals.
Already have an account? Log in
Bookmark this article. You can see your Bookmarks on your DeepDyve Library.
To save an article, log in first, or sign up for a DeepDyve account if you don’t already have one.
Copy and paste the desired citation format or use the link below to download a file formatted for EndNote
Access the full text.
Sign up today, get DeepDyve free for 14 days.
All DeepDyve websites use cookies to improve your online experience. They were placed on your computer when you launched this website. You can change your cookie settings through your browser.